Mr. Peter Espig reports

NICOLA CLARIFIES TERMS OF NON-BROKERED PRIVATE PLACEMENT

Further to its news release of March 12, 2025, Nicola Mining Inc. has clarified the terms of the private placement that closed on March 12, 2025, whereby it issued 4,038,955 units for aggregate gross proceeds of $1,130,907.40 and paid $63,827.36 in finders' fees for net proceeds of $1,067,080.

Each unit consists of one common share of the company and one-half of one transferable share purchase warrant, with each warrant entitling the holder thereof to purchase one additional share of the company at a price of 40 cents per warrant share for a period of three years from the closing of the offering. If, during the exercise period of the warrants but after the resale restrictions on the shares have expired, the shares trade on the TSX Venture Exchange (or such other exchange on which the shares may be traded at such time) at a closing price of 60 cents or greater per share for a period of 10 consecutive trading days, the company may accelerate the expiry of the warrants by giving notice to the holders thereof (by disseminating a press release advising of the acceleration of the expiry date of the warrants), and, in such case, the warrants will expire on the 30th day after the date of such notice.

The aggregate gross proceeds from the offering are expected to be used for general working capital.

Qualified person

William Whitty, PGeo, vice-president of exploration for the company, is the qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects. He has reviewed and approved the technical disclosure contained in this news release.

About Nicola Mining Inc.

Nicola Mining is a junior mining company listed on the TSX-V and the Frankfurt Stock Exchange that maintains a 100-per-cent-owned mill and tailings facility, located near Merritt, B.C. It has signed mining and milling profit share agreements with high-grade gold projects. Nicola's fully permitted mill can process both gold and silver mill feed through gravity and flotation processes.

The company owns 100 per cent of the New Craigmont project, a high-grade copper property, which covers an area of 10,913 hectares along the southern end of the Guichon batholith and is adjacent to Highland Valley, Canada's largest copper mine. The company also owns 100 per cent of the Treasure Mountain property, which includes 30 mineral claims and a mineral lease, spanning an area exceeding 2,200 hectares.